S&P upgrades System One

S&P said it raised OCM System One Buyer CTB LLC’s ratings, including the first-lien term loan rating to B from B-.

“The company's operating performance has been higher than we expected, and we believe the company will continue to exhibit good revenue and EBITDA growth over the next 12 to 24 months. Pro forma for the proposed transaction, S&P adjusted debt to EBITDA was around 5.4x from 5x as of Sept. 30, 2021. We expect adjusted FOCF to debt to remain healthy at over 5%,” S&P said in a press release.

The outlook is stable.

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